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Voya Equity Closed End Funds Declare Distributions

Voya Investment Management, the asset management business of Voya
Financial, Inc. (NYSE: VOYA), announced today the distributions on the
common shares of six of its closed-end funds (each a “Fund” and
collectively, the “Funds”).

With respect to each Fund, the distribution will be paid on July 16,
2018, to shareholders of record on July 3, 2018. The ex-dividend date is
July 2, 2018. The distribution per share for each Fund is as follows:

Fund

Distribution Per Share

Monthly Distributions

Quarterly Distributions

 

Each Fund intends to make regular monthly/quarterly distributions based
on the past and projected performance of each Fund. The amount of
monthly/quarterly distributions may vary, depending on a number of
factors. As portfolio and market conditions change, the rate of
distributions on the common shares may change. There can be no assurance
that a Fund will be able to declare a distribution in each period. Past
performance is no guarantee of future results.

The tax treatment and characterization of a Fund’s distributions may
vary significantly from time to time depending on the net investment
income of the Fund and whether the Fund has realized gains or losses
from its options strategy versus gain or loss realizations in the equity
securities in the portfolio. Each Fund’s distributions will normally
reflect past and projected net investment income, and may include income
from dividends and interest, capital gains and/or a return of capital.

The portion of each Fund’s monthly/quarterly distributions estimated to
come from the Fund’s option strategy, for tax purposes, may be treated
as a combination of long-term and short-term capital gains, and/or a
return of capital. The tax character of each Fund’s option strategy is
largely determined by movements in, and gain and loss realizations in
the underlying equity portfolio. Under certain conditions, federal tax
regulations may also cause some or all of the return of capital to be
taxed as ordinary income. The final tax characteristics of the
distributions cannot be determined with certainty until after the end of
the calendar year, and will be reported to shareholders at that time.

Monthly Distributions

IGD estimates that for the current fiscal year as of May 31,
2018, approximately 22% of each distribution is characterized as net
investment income and 78% is characterized as return of capital.

IID estimates that for the current fiscal year as of May 31,
2018, approximately 26% of each distribution is characterized as net
investment income and 74% is characterized as return of capital.

Quarterly Distributions

IAE estimates that for the prior fiscal year as of March 31,
2018, approximately 9% of each distribution is characterized as net
investment income and 91% is characterized as return of capital.

IHD estimates that for the prior fiscal year as of March 31,
2018, approximately 1% of each distribution is characterized as net
investment income and 99% is characterized as return of capital.

IGA estimates that for the prior fiscal year as of March 31,
2018, approximately 18% of each distribution is characterized as net
investment income, 28% is characterized as short-term capital gain and
54% is characterized as return of capital.

IRR estimates that for the prior fiscal year as of March 31,
2018, approximately 11% of each distribution is characterized as net
investment income and 89% is characterized as return of capital.

Shares of closed-end funds often trade at a discount from their net
asset value. The market price of Fund shares may vary from net asset
value based on factors affecting the supply and demand for shares, such
as Fund distribution rates relative to similar investments, investors’
expectations for future distribution changes, the clarity of the Fund’s
investment strategy and future return expectations, and investors’
confidence in the underlying markets in which the Fund invests. Fund
shares are subject to investment risk, including possible loss of
principal invested. No Fund is a complete investment program and you may
lose money investing in a Fund. An investment in a Fund may not be
appropriate for all investors. Before investing, prospective investors
should consider carefully the Fund’s investment objective, risks,
charges and expenses.

Certain statements made on behalf of the Funds in this release are
forward-looking statements. The Funds actual future results may differ
significantly from those anticipated in any forward-looking statements
due to numerous factors, including but not limited to a decline in value
in equity markets in general or the Funds’ investments specifically.
Neither the Funds nor Voya Investment Management undertake any
responsibility to update publicly or revise any forward-looking
statement.

This information should not be used as a basis for legal and/or tax
advice. In any specific case, the parties involved should seek the
guidance and advice of their own legal and tax counsel.

About Voya Investment Management

A leading, active asset management firm, Voya Investment Management
manages, as of March 31, 2018, more than $222 billion for affiliated and
external institutions as well as individual investors. With more than 40
years of history in asset management, Voya Investment Management has the
experience and resources to provide clients with investment solutions
with an emphasis on equities, fixed income, and multi-asset strategies
and solutions. Voya Investment Management was named by Pensions &
Investments Magazine as a 2017 Best Place to Work in Money Management.
For more information, visit voyainvestments.com. Follow Voya Investment
Management on Twitter @VoyaInvestments.

SHAREHOLDER INQUIRIES: Shareholder Services at (800) 992-0180; voyainvestments.com

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